Question 11 of 25 - / 8 III View Policies Current Attempt in Progress The intangible assets section of Riverbed Company at December 31, 2022, is presented here. $63,000 Patents ($70,000 cost less $7,000 amortization) Franchises ($44,800 cost less $17,920 amortization) 26,880 Total $89,880 Jan 2 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023 Paid $21.600 legal costs to successfully defend the patent against infringement by another company, Sept. Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The 1 commercials aired in September and October Acquired a franchise for $111.600. The franchise has a useful life of 50 years. Developed a new product, incurring $145,000 in research and development costs during December. A patent was granted for the product on January 1, 2024 Oct. 1 Nov.- Dec. Prepare journal entries to record the transactions above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem no entry is required, select "No Entry" for the account titles and enter for the amounts.)